Value Don't Lie

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Quick Value #274 - Energy MRO Distributors (Pt. II)

Quick Value #274 - Energy MRO Distributors (Pt. II)

An early look at a recent small-cap merger announcement

Jul 02, 2025
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Value Don't Lie
Value Don't Lie
Quick Value #274 - Energy MRO Distributors (Pt. II)
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Today’s post:

  • Recently announced “merger of equals”

  • Clean pro-forma balance sheet (0.5x net leverage)

  • Pro-forma shares trading at 7.5x EBITDA (pre-synergy) and 10x FCF

  • Both companies executing on existing buyback authorizations (10% each)

Quick reminder — this is a “premium” post for paying subs; next week will be a “free” edition. For newer subscribers, my write-ups are meant to be a “jumping off point” for the idea generation process (i.e. a surface level review). Check out past write-ups here and my home base page here.

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